The Dogecoin price is witnessing a strong upswing today, recording an 16% increase as X Payments, under the aegis of Elon Musk, secured pivotal money transmitter licenses across three additional US states. This milestone, first reported via X News Daily on X, includes the acquisition of licenses in Illinois, New Mexico, and Oregon, propelling X Payments into a significant phase of expansion within the United States’ financial regulatory landscape.
NEWS: X Payments receives 3 more licenses including Illinois, New Mexico and Oregon. pic.twitter.com/wIMhhFPCwd
— X News Daily (@xDaily) March 21, 2024
Strategic Expansion And Regulatory Compliance
X Payments LLC’s strategic pursuit of money transmitter licenses underscores its ambition to cement a formidable presence across the US. With these three new licenses, X Payments’ operational footprint now spans 22 states, marking a critical step towards national coverage.
The focused expansion into Illinois, New Mexico, and Oregon, as confirmed on March 20, reflects a calculated approach to navigating the complex web of state-level financial regulations.
Recently, Elon Musk revealed in a talk with Cathie Wood, CEO of Ark Invest, an ambitious timeline, aiming for the rollout of payment features for X by mid-2024. This forward-looking statement aligns with Musk’s vision of an “everything app,” reminiscent of platforms like Chinese WeChat – an app for financial transactions, social interactions, and multimedia communications.
Notably, X Payments’ registration with the Financial Crimes Enforcement Network (FinCEN) as a money service business (MSB) was another pivotal compliance achievement in recent weeks. This designation is crucial for operating within the US’s financial ecosystem, ensuring adherence to anti-money laundering (AML) and counter-terrorist financing (CTF) standards.
The anticipation surrounding X Payments’ potential to integrate cryptocurrencies, notably Dogecoin, into its payment solutions has been a significant catalyst for market movements. The speculative association between X Payments and Dogecoin, fueled by Elon Musk’s well-documented affinity for the memecoin, has had a tangible impact on its valuation and investor sentiment.
Dogecoin Price Rises By 16%
Over the past 24 hours, Dogecoin’s price soared to $0.1551, encapsulating a 16% appreciation. Notably, the bullish trend was further supported by Coinbase Derivatives’ strategic move to launch Dogecoin futures, an initiative greenlit by the US Commodity Futures Trading Commission (CFTC). This development not only enhances Dogecoin’s market liquidity but also legitimizes its status as an investable asset within the broader cryptocurrency ecosystem.
Coinbase Derivatives will launch the first leveraged and CFTC-regulated futures contracts for Bitcoin Cash, Dogecoin, and Litecoin in April!
Stay tuned to find out when these contracts will be available to trade on our partner platforms. pic.twitter.com/MfUBrjuNsA
— Coinbase Institutional (@CoinbaseInsto) March 21, 2024
Last week, Elon Musk remarked his desire to add DOGE as a payment method to purchase Tesla cars in the near future. In a viral X video shared on March 14 capturing Musk’s recent visit to Giga Berlin, the billionaire stated, “When can you buy Tesla with Dogecoin? At some point, I think we should enable that,” Musk added, “You can buy Tesla merch with DOGE, which is cool. So, Dogecoin to the moon.”
In January, the establishment of an X Payments account on X signaled intentions to introduce services within the year. Although the XPayments account has remained silent, without any posts, and X has not detailed the specific payment features it intends to roll out, market participants are speculating that Dogecoin (DOGE) may be included in the offerings, a speculation fueled by its sporadic references from the platform’s proprietor, Elon Musk.
Featured image from Marca.com, chart from TradingView.com
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